eCommerce is one of the fastest-growing industries in the world, and it continues to grow at an astonishing rate.
With this exponential growth, it’s no surprise that eCommerce brand owners and marketers are eager to understand what the future of the industry looks like.
To help you gain insight into the sector, we have compiled 23 eCommerce statistics that provide a comprehensive overview of trends within e-commerce.
These insights include information on consumer spending habits online, location-based trends, marketing statistics, and the overall eCommerce opportunity.
With each statistic comes our analysis of how these numbers will impact eCommerce businesses along with strategies you can use to capitalize on them.
Let’s get into it!
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eCommerce Opportunity Statistics
A fast-growing industry brings with it a rising tide of competition. But despite the growing number of entries to the market – from side hustles to superpowers – eCommerce continues to present significant opportunities.
Here are the top statistics that should keep you excited.
1. eCommerce sales are projected to reach $8.1 trillion by 2026
Amounting to $5.2 trillion in 2021, worldwide eCommerce sales are tipped to rise by nearly 50% through 2026 and hit an eye-watering $8.1 trillion total.
With nearly $3 trillion in additional annual spending, it creates a wealth of opportunity for new brands, new product lines, and global expansion.
Whilst the pandemic-induced eCommerce spike has eased off as the world returns to normal (kind of?), brands that continue to optimize for convenience and customer experience stand to make the most of the ongoing shift from the physical store to online retail sales.
2. 23% of American small businesses still don’t have a website
It’s almost unbelievable to think a business could operate without one, but 23% of US small and medium businesses operate without a website.
The reasons range from a lack of funds, limited staffing, or simply that social media fulfills the role of a website in the business.
It’s a dangerous play as platform volatility continues to present real risks to eCommerce businesses and owned assets are more important than ever.
3. eCommerce still only comprises 18.8% of all retail
Despite the sustained increase in eCommerce adoption, the industry only accounted for 18.8% of all retail revenue in 2022.
Whilst that number is expected to reach 20.8% in 2023, it still only represents approximately one in every five dollars spent in the retail sector.
This statistic alone suggests there is plenty of life in the eCommerce dog yet.
4. 58% of customers believe augmented reality has prevented them from making a return
What may have previously felt like a gimmick in Augmented Reality is fast becoming a vital customer experience tool.
A study shows over half of online shoppers who have used AR visualization features in their shopping journey consider it to have saved them from making returns.
With Artificial Intelligence and Augmented Reality capabilities advancing exponentially, the savvy operator is presented with a wealth of possibilities on this new horizon.
Consumer Behavior Statistics
Mass-market behavioral trends continue to shift as the world rapidly adopts new technology, not least in the world of eCommerce.
Here are some of the highlights of how your customers are behaving when shopping online.
1. 56% of Millennials would opt for only shopping online if they had to choose
Given the choice of only being able to shop online or in-store for the rest of their lives, 56% of Millenials and 52% of Gen Z’ers would sacrifice the in-store experience to save their beloved online shopping.
It stands to reason, then, that retail businesses should focus on optimizing their online customer experience and convenience to maximize reach.
From fast shipping to intuitive user interfaces and attractive online sales, those that provide the best experience will stand tall above the competition.
2. Only 1.3% of eCommerce website visits convert into a purchase.
Conversion rate continues to be one of the most talked about metrics in the industry, with more new CRO agencies popping up than pimples on a teenager.
But the reality is stark.
Less than one in seventy visits to your store leads to a sale.
With rising customer acquisition costs across the board, conversion rate optimization becomes more important than ever for an eCommerce business looking to beat its competition.
Maybe you should respond to that CRO agency owner’s cold DM’s after all?
3. The highest spend product category is luxury clothing
In Q3 of 2022, the average online shopper spent $2.4 per visit across all categories.
Top of the per-visit-spending chart in eCommerce sales was luxury apparel with an average spend of $2.79 for every visit, followed by general footwear at $2.52 per visit.
With more and more volume moving online it stands to reason that perhaps the biggest retail category of all – clothing – will see the most benefit from increasing eCommerce trends.
4. 60% of customers have used Buy Now Pay Later facilities
More Buy Now Pay Later (BNPL) services are available than ever and are clearly penetrating the online shopping market.
With over half of the online shoppers polled reportedly having used the feature, the average BNPL debt is alarmingly now up over $800.
The rise of BNPL seems unlikely to slow, however.
Predicted to grow from $112 billion in volume in 2022 to $437 billion in 2027 this is a massive market shift for eCommerce sites to grapple with.
5. Mobile commerce set to top $500bn
With $436 billion in global mobile commerce volume in 2022, growth is expected to push that number past half a trillion dollars in 2023 and as high as $728 billion in 2025.
Screen time data and mobile device usage show no sign of slowing down and a growing number of consumers are enjoying the convenience of shopping from the palm of their hand.
Usage of mobile devices isn’t just limited to eCommerce however with 28% of shoppers admitting they use a mobile phone when shopping in stores to compare prices.
6. 49% of shoppers cite free shipping as the reason they shop online
The cost-saving and convenience of having products shipped directly to you rather than taking a trip to a store is the biggest factor in driving consumers online.
With inflationary cost rises impacting a number of sectors, eCommerce is no different.
Savvy consumers are mitigating both the dollar and time cost of travel by carrying out more shopping than ever online.
Global eCommerce Statistics
It’s not only in the US that eCommerce continues to shine. A number of interesting global eCommerce statistics show the industry is alive and well all over the globe.
1. China has the biggest eCommerce market
A massive 46.3% of China’s total retail comes via eCommerce, nearly three times the 16.1% of the US and a long way out in front of the second most penetrated market – the U.K., at 36.3%.
The data suggests that China, the U.K., and South Korea are all maturing as eCommerce markets with growth levels that may slow in the coming years.
Conversely, big markets like the US, Canada, and Scandinavia still have a huge opportunity for further eCommerce growth.
2. Singapore is the fastest-growing eCommerce market
With 36% year-on-year growth, Singapore has an eCommerce market that is expanding faster than any other country on the planet.
Closely followed by Indonesia at 34%, the Asian eCommerce market continues to see remarkable growth and attract investment from major players like Amazon who have established a strong base in Singapore particularly.
3. The top 5 eCommerce markets haven’t changed in 5 years
With all the fast-paced changes taking place in the eCommerce market, one thing that has stayed consistent is the top global markets.
The top markets by share of total global eCommerce sales are China, the United States, the United Kingdom, Japan, and South Korea. These five have been top of the pile – and in this order – since 2018.
So, if you’re looking to expand internationally, you can’t go too far wrong with these mainstays.
eCommerce Platform Statistics
As eCommerce continues to be an increasingly popular option for shoppers and entrepreneurs alike, eCommerce platforms have become invaluable tools in the online shopping ecosystem.
But who’s winning the hearts and wallets of online store owners?
1. WooCommerce is still the biggest eCommerce platform
Despite not getting the same level of attention as its trendy rival Shopify, WooCommerce remains to be the biggest eCommerce platform with over 2.7 million active installs on WordPress sites.
The versatile platform aims to put the control back in the hands of business owners and web developers and shows no sign of losing its top spot any time soon.
2. Shopify now hosts over 700,000 online stores
As ever, hot on the heels of other platforms is Shopify, now the home of over 700,000 eCommerce businesses.
With its latest Mr. Beast partnership, Shopify continues its push into new markets in order to fulfill its mission of ‘arming the rebels’ and helping entrepreneurs build great brands.
The platform also boasts over 14,000 Shopify Plus users – high-revenue businesses paying $2,000+ per month for advanced functionality and features.
3. 87% of Shopify merchants use the Shopify App Store
Almost every Shopify store has at least one app installed, and the average store has six.
The Shopify app store itself is said to be generating nine figures in annual revenue and is a lucrative arm of Shopify’s business.
4. Amazon Prime has over 200 million subscribers
Amazon’s double-digit percentage year-on-year growth continues to roll in with monotonous predictability.
A major driving force behind this is the 200 million plus active Prime members around the globe.
Despite 2022 bringing a nearly 20% increase in Prime membership fees – almost instantly adding nine figures of clear profit to Amazon’s P&L, incidentally – this hasn’t shown any sign of slowing growth down.
Amazon continues to invest in the benefits of the subscription service and it would serve existing brands well to create optimized listings for the platform to collect new revenue from both branded and non-branded search.
eCommerce Marketing Statistics
Marketing is at the core of success in eCommerce, as businesses look for new and effective ways to promote products to their ideal audience.
The landscape is constantly changing, and here are some key stats to keep your finger on the eCommerce marketing pulse.
1. 30% of consumers cite influencer recommendations as a key purchasing motivator
It should come as no surprise in the era of the social media star that nearly one-third of consumers are looking to personalities they follow for product recommendations.
In fact, such is the pedestal influencers are placed upon, their recommendations supersede those of family and friends with only 27% of consumers placing top priority on the opinions of their nearest and dearest.
2. Social commerce sales at $45bn per year and rising
With the average user spending two and a half hours on social media every day – mostly on mobile devices – it’s no wonder eCommerce brand owners are focusing heavily on social commerce.
Already at $45 billion per year, industry experts tip this to continue increasing by double-digit percentages over the next few years and nearly doubling to $79 billion by 2025.
A small slice of the overall multi-trillion dollar eCommerce industry, but substantial enough to be taken seriously by brands with the resources to strengthen purchasing opportunities on social channels.
3. 33m users will make a purchase via TikTok in 2023
Speaking of social commerce, TikTok continues to position itself as a leading shoppable platform resulting in 23.7 million users making online purchases through the app in 2022.
This figure is due to rise by a further 40% in 2023 before tapering off in the following years.
These figures will of course change drastically should US lawmakers make good on threats to ban the China-owned app.
4. The US live-stream shopping market is predicted to be worth $68 billion by 2026
What rose to prominence on the QVC home shopping network is having a new lease of life breathed into it by influencer-led social platforms.
Despite Instagram curtailing its live-stream shopping capabilities, the industry is being tipped to triple in volume over the next few years, hitting $68 billion by 2026.
5. 37% of brands are increasing their email marketing budgets
The eCommerce landscape may be evolving with the rise of live-stream shopping, social commerce et al, but the mainstay of email marketing continues to stand strong.
With global email marketing revenue surpassing $7 billion, it remains one of the most effective eCommerce channels. As a result, more than a third of brands are investing more resources into it.
With 1 in 3 US email list subscribers having purchased from a brand they subscribe to, it is one of the core success strategies of a modern eCommerce brand.
6. 80% of shopping carts are abandoned in the US
Why is email marketing so important? Because eight in every ten carts are abandoned by online shoppers in the US.
With traffic costs rising and organic search under threat from AI advancement, making the most of every visitor by helping browsers over the conversion line to become buyers is more important than ever.
Leveraging eCommerce statistics to stay ahead
eCommerce brands simply must stay in touch with the ever-changing landscape in order to remain competitive.
As we have seen, there is a continued, growing trend toward social commerce and influencer marketing that online retailers should take advantage of if they want to drive more sales.
Additionally, long-standing strategies like email marketing and retargeting ads remain an important part of any eCommerce battle plan to maximize the efficiency of traffic being driven to stores.
With these trends in mind, it’s clear that eCommerce sites need to be more agile and adaptive than ever so as not to miss out on opportunities for growth.
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